Monthly mortgage renewals will jump 52% over the next 2 years!
Mortgage Renewal Statistics: TD, Scotia, BMO, CIBC, National, and Desjardins
Total Portfolio: $1.38T, with $1.16T in 🍁 Canadian residential mortgages
- 🔹 May-Oct 2024: 7.7% of the $1.38T (~1.28%/month)
- 🔹 Nov 2024-Apr 2025: 9.1% (~1.52%/month)
- 🔹 May 2025-Apr 2026: 23.4% (~1.95%/month)
The surge in renewal traces back to 2020-2021's low rates, when the ultra-low rates prompted many to renew and refinance their mortgages for a new 5-year term.
At the beginning of Q2 2024, the monthly renewal rate was ~1.14% of mortgages per month.
*RBC excluded due to mixed stats.
Follow us on social media for more posts
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.